Velo3D is a high-risk turnaround play, shifting from hardware sales to a recurring, service-driven RPS model targeting mission-critical 3D printing markets. Management guides for 50% sales CAGR through 2027, EBITDA breakeven by mid-2026, and Q4 2025 gross margin above 30%, contingent on RPS scaling. Recent bookings surged 200% YoY, supporting a potential turnaround, but customer concentration and capital constraints present material risks.